Nabors Industries Ltd. Presents at UBS Global Oil and Gas Conference, May-21-2013 09:25 AM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: Dennis A. Smith, Director of Corporate Development & Investor Relations.

On April 25, 2013, Nabors Industries Ltd.'s board of directors declared a quarterly cash dividend of $0.04 per common share, which will be paid on June 28, 2013 to shareholders of record at the close of business on June 7, 2013.

Nabors Industries Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported adjusted income derived from operating activities was $149.6 million, compared to $315.5 million in the first quarter of 2012. Net income from continuing operations was $97.2 million or $0.33 per diluted share, compared to $142.6 million or $0.49 per diluted share in the first quarter of 2012. Total revenues and other income was $1,660.961 million against $1,842.009 million a year ago. Income from continuing operations before income taxes was $109.194 million against $212.412 million a year ago. Income from continuing operations, net of tax was $97.172 million against $142.618 million a year ago. Net income attributable to the company $99.121 million or $0.33 per diluted share against $134.090 million or $0.46 per diluted share a year ago. Adjusted EBITDA from continuing operations was $422.953 million against $563.157 million a year ago. Net debt stands at about $3.7 billion, up $89 million from last quarter, as the company used EBITDA from last quarter of $422 million to fund capital expenditures of $271 million, interest payments, dividends, 2012 related bonuses and changes in working capital. The company generated net operating cash flow of approximately $152 million. Capital expenditures for the quarter were $271 million and capital expenditure sustaining was $59 million. Operating income was $150 million, essentially flat with the prior quarter and down 53% from $316 million in the same quarter last year. The company provided earnings guidance for the fiscal year 2013. For 2013, the company expects depreciation of about $1.1 billion and have currently budgeted $1.2 billion of capital expenditure, which includes construction of rigs for both U.S. and international opportunities over 20 walking systems and sustaining capital expenditure, which the company will work on and try to minimize. The company will continue to focus on managing growth and sustaining capital expenditure plans and are prepared to increase the company’s budget to fund additional new build awards that have attractive economics. The company still expects to generate significant operating cash flow through the remainder of 2013 despite weaker North American conditions. Based on consensus EBITDA estimates for the remainder of 2013, the company’s net debt to capitalization would be 35% at December 2013, assuming no additional asset sales and current levels of planned capital expenditure. The company expects the remainder of 2013 effective tax rate to be approximately 22% to 24%, and cash taxes should remain at minimal levels.